You will need merchant accounts if you want to start an ecommerce business, online or offline. While most people assume they know what merchant accounts are, a deeper examination reveals that there is more to it than accepting credit cards online. It is very complicated to understand the world of merchant accounts and the processing platforms that they use. How can I tell if my site requires one? What kinds of businesses could benefit from a merchant account? This article will answer these questions and assist small businesses in creating their own plans to accept credit card payments.

Step 1: The basics – Why do you need a merchant account?

Any business that wishes to accept credit card payments online will need a merchant account. Customers will need to be able to enter their card number and security code online. This is better than paying someone in person. You can do all your transactions on your own without the need for any additional assistance from third parties. While there are many people who claim this is unnecessary or that it is possible to build your own system, it’s better to use one of the existing systems if you’re looking to save money and avoid headaches. Online shopping is more popular than ever and it’s important for businesses to have the right systems in place to accept credit cards.

Step 2: Which types of businesses require a professional merchant account for online transactions?

A merchant account is required for every business to accept credit card payments online. You will need the technology to process transactions from customers if you sell items on eBay and other auction sites. This system is also necessary if you want to open a brick-and-mortar store where customers can pay with credit cards. Even though it may seem complicated, there are many cases in which a merchant account is more expensive than necessary. Below are some examples of businesses that require merchant accounts to accept credit cards transactions.

Drop shipping:

* Any type or retail store

* Online auction sites such as Amazon and eBay

* Ecommerce platforms such as WooCommerce or Magento

* Single-Page Applications

* APIs for developers of mobile apps

Step 3: Do you need a PCI compliant merchant account?

Although the short answer is no it may be worthwhile to get one. The Payment Card Industry Data Security Standard (PCI) is established by the Payment Card Industry Security Standards Council. This global group is made up five companies that are committed to protecting consumers and merchants online. Any business that processes credit card information or stores it on its site must comply with PCI. This applies whether you drop ship orders from your own platform, or if you handle orders and process them through a third-party. Any payment processor you use will require PCI compliance if you do either. This is because both of these actions pose security risks for your customers shopping with you, which could lead to fraud cases and other problems.

Even if your website does not store credit card information, there is a chance that a security breach could still occur between the time the information is sent to your site and the time it is stored with the payment processor. Even if it doesn’t, you still have to pay fines to any PCI Council that audits your business. These fines could be very high, depending on how many credit cards you store, whether they are yours or not, and where these details are located. Some merchant accounts will be offered by companies that are not PCI compliant. This means their system is less secure than the requirements of the Payment Card Industry Security Standards Council. This could cost more depending on the industry you work in, retail or service-based.

Step 4: How do you get a merchant account for your business?

There are many options available when it comes time to open a merchant account in your area. The process should be easy for most businesses. You will want a company who specialize in accepting different types of cards online.  This allows them to focus on processing credit card transactions quickly, which in turn will lead to a lower overall rate.

Step 5: Take into account all options before closing.

Sometimes it is difficult to find a merchant account provider who will fit your needs and your budget. Balanced Processing Partners have been offering businesses merchant accounts since 2015.  Before signing up for a payment processor, there are a few things you should consider.

Here are some examples of common issues businesses face when processing credit cards.

* High processing charges

* Customers are not allowed to enter their personal information.

* Easy to use

*Rates and fees

* Transaction speed

As the Internet grows, merchant accounts are more important than ever. Merchant accounts allow you to accept credit cards quickly and then submit it for processing without any hassle. While the cost of setting up merchant accounts will vary depending on the company’s size and industry, it is always best to have one. This allows your customers to shop at your store with cards they already own.

Please feel free to contact us by phone (800) 354-6256 or via email [email protected].